Democrats Blast ConocoPhillips CEO Over “Un-American” Comment

By

Stephen Power

May 12, 2011 11:26 am ET

Senate Democrats blasted ConocoPhillips CEO James Mulva at a hearing Thursday over a press release his company issued this week labeling as “un-American” their proposals to raise taxes on large oil companies.

“We felt the tax proposals under consideration … were inconsistent with” treatment of other kinds of taxpayers, Mr. Mulva said. He did not apologize.

It was one of several sharp exchanges during Thursday’s hearing of the Senate Finance Committee. The panel’s chairman, Sen. Max Baucus (D., Mont.) has proposed to cut tax breaks affecting the country’s five biggest oil companies and to impose new levies on operators in the Gulf of Mexico, while protecting allowances for smaller operators.

At another point in the hearing, Sen. Charles Schumer (D., NY) asked Mr. Mulva which would be a better use of federal dollars: tax breaks for oil companies, or financial aid for college students. Mr. Mulva didn’t directly answer.

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